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Multifamily

Securitization

Overview

As of March 31, 2018

MULTIFAMILY SECURITIZATION © Freddie Mac 2

Executive Summary……….……………………………………………..…………………………..............

Freddie Mac Multifamily Business…………………………………….……….…….........…….…............

Multifamily Market Overview…………………………………………….………...……………….......……

Freddie Mac Multifamily Production, Sales and Underwriting……………..……………......……….......

Freddie Mac Multifamily Initiatives……………………...………………………………….......……..…….

Freddie Mac Multifamily Securitization Program……...………………………………….......……..…….

Freddie Mac Multifamily Competition………………………….………………………......…..……..…….

Freddie Mac Multifamily Investor Resources……………………………………………..............…..…..

Appendix I: Freddie Mac Multifamily Recent Transaction Highlights...…………………............………

Appendix II: Freddie Mac Multifamily Team …………….………………………………………….….......

Table of Contents

3

4

11

19

27

29

48

50

57

64


Executive Summary

The multifamily market has experienced very strong rent and occupancy

trends over the last few years and the demand for rental housing is

expected to continue to rise. The multifamily sector continues to

experience strong investor interest and outperforms other commercial real

estate sectors

Our business model underwent a significant shift – from an investments

business to a securitization business – beginning in 2008

This shift has been successful: securitization enables us to transfer

virtually all risk to third parties, thereby reducing our reliance on the

retained portfolio and government backstop guarantee, our guarantee

comes before draw

As part of our business strategy to be innovative and provide thought

leadership, we continue to expand our support of affordable housing

through new offerings such as small balance, manufactured housing

community loans and tax-exempt loans, as well as green financing

Freddie Mac’s

Core Mission is to

provide Liquidity,

Stability and

Affordability to

the US Housing

Market

4

Freddie Mac Multifamily Business


Freddie Mac Multifamily Business Key Facts

The Multifamily Line of

Business of Freddie Mac

helps to ensure an ample

supply of affordable rental

housing by purchasing

mortgages secured by

apartment buildings with

five or more units

Freddie Mac buys loans

from a network of

approved Multifamily

Seller/Servicers that have

over 150 branches

nationwide, substantial

lending experience and

established performance

records

Freddie Mac follows a

prior-approval

underwriting approach

and completes the

underwriting and credit

reviews of all multifamily

mortgages in-house

Freddie Mac’s

Core Mission is to

provide Liquidity,

Stability and

Affordability to

the US Housing

Market

Multifamily employs over

900 experienced

professionals at its

headquarters, four

regional offices and eight

field offices

Freddie Mac has provided

more than $538 billion in

financing for

approximately 80,000

multifamily properties

since 1993, representing

more than 9,060,000

apartment units

Freddie Mac’s Multifamily

total book of business of

$279 billion is comprised of

$213 billion of multifamily

guarantees, $33 billion of

unsecuritized loans, $8

billion of multifamily

mortgage-related securities

and $25 billion of additional

market support (primarily

unguaranteed securities)


Freddie Mac Multifamily Business 1Q 2018 Review

Freddie Mac Multifamily funded $13.0 billion in new business volume during 1Q 2018,

which provided financing for approximately 1,200 multifamily properties, representing

approximately 152,000 rental units

▪ $16.2 billion of multifamily loans were securitized

into K-Deals and SB-Deals during 1Q 2018

▪ Freddie Mac’s delinquency rate was 2 basis points

as of March 31, 2018

» securitization delinquency rate was 1 basis point

» credit enhanced mortgage portfolio delinquency

rate was 1 basis point

1Q 2018 New Business Volume (based on UPB) 1Q 2018 New Business Volume (based on # of loans)

2%

8%

90%

CE Bond

Retained HFI

Retained HFS60%

40%Refinances

Acquisitions


Freddie Mac Multifamily Business Results

We maintain strong credit and capital management discipline and generate solid returns

Key Metrics 2017 1Q 2018

New business volume $73.2 billion $13.0 billion

Percentage excluded from volume cap 54% 52%

Units financed ~820,000 units ~152,000 units

Securitization volume $68.1 billion $16.6 billion

Comprehensive income, net of taxes $1.9 billion $404 million

Total book of business $273 billion $279 billion

Credit losses $4 million $0 million

60+ day delinquency rate 2 bps 2 bps

REO inventory 2 properties 2 properties


Freddie Mac Multifamily New Business Volume

We provide financing in all multifamily markets; our volumes have grown in line with the

overall market growth


Purchase Volume by Product

We continue to support the needs of the rental housing market across communities

nationwide and have increased our presence in underserved markets

Annual Performance ($ in billions) 1Q17 1Q18

New Business Volume

Targeted Affordable Housing (TAH) $1.0 $1.5

Conventional $11.7 $11.5

Total $12.7 $13.0

Products of Interest

Small Balance Loans (SBL) $1.3 $1.7

Structured Deals $0.5 $0.8

Manufactured Housing Communities (MHC) $0.2 $0.2

Senior Housing $0.5 $0.8

Student Housing $0.4 $0.5

Green Advantage $3.0 $4.0


0

10

20

30

40

50

60

70

80

90

BA

SIS

PO

INT

S

GSE Delinquency RatesFREDDIE MAC (60+ DAY)

FANNIE MAE (60+ DAY)

Multifamily Delinquency Rates

Notes: Freddie Mac does not report modified or forbearance loans in delinquency rates if the borrower is less than two monthly payments past due. Fannie Mae reports

forbearance loans in their delinquency rates. Sources: Freddie Mac, Fannie Mae, American Council of Life Insurers (ACLI) Quarterly Investment Bulletin, FDIC Quarterly Banking

Profile, TREPP (CMBS multifamily 60+ delinquency rate, excluding REOs) for periods prior to 3Q17, Wells Fargo CMBS research for 4Q17 and 1Q18 CMBS delinquency rates

Our disciplined credit practices are one of the main drivers of the continued strong

performance of our offerings

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

BA

SIS

PO

INT

S

Delinquency Rates

FREDDIE MAC (60+ DAY)

FANNIE MAE (60+ DAY)

MF CMBS MARKET (60+ DAY)

ACLI (60+ DAY)

FDIC Insured Institutions

11

Multifamily Market Overview


Rental Demand Keeps Rising

Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, Freddie Mac

A growing number of households show a preference for rental housing

60%

61%

62%

63%

64%

65%

66%

67%

68%

69%

70%

25

35

45

55

65

75

85

Ho

meo

wn

ers

hip

Rate

Ho

use

ho

lds

(mill

ion

s)

Owner and Renter Households and Homeownership Rate (1990 – 1Q 2018)

Owner Occupied Renter Occupied Homeownership Rate


Source: REIS

Multifamily Fundamentals are Healthy

Multifamily market is moderating but remains healthy – vacancy rates are below

long-term historical averages and effective rent growth remains positive

4.7%

-2.5%

4.2%

5.8%

3.9%3.8% 3.8%

3.0%2.5%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0% Vacancy Rate and Change in Effective Rent

Change in Effective Rent Vacancy Rate


Multifamily Fundamentals (continued)

Sources: Moody’s Analytics DataBuffet.com and U.S. Census Bureau

Notes: Starts and completions based on all areas of the U.S., while permits are only for areas that require a building or zoning permit. Moody’s Analytics estimated that in

2000, 95% of population was living in a permit issuing area.

Slowing of construction permits compared to 2015 and strong renter demand are signs

that the market is stable

0

5

10

15

20

25

30

35

40

45

50

0

100

200

300

400

500

600

700

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

(Q

1)

Rente

r O

ccupie

d H

ousehold

s (

mill

ions)

MF

Perm

its,

Sta

rts a

nd C

om

ple

tions (

thousands)

Multifamily Permits, Starts and Completions (5+ Units) and Renter Households

MF Permits MF Starts MF Completions Renter Occupied


Housing completions are well below the long-run average; the multifamily market is

helping to fill the void

Housing Shortage

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

500

1,000

1,500

2,000

2,500

Ratio o

f C

om

ple

tions t

o H

ousehold

s

Housin

g C

om

ple

tions

Housing Completions to Total Households (SF & MF)

TOTAL HOUSING COMPLETIONS LONG-RUN AVERAGE COMPLETIONS

COMPLETIONS TO HOUSEHOLDS LONG-RUN AVERAGE COMPLETIONS TO HOUSEHOLDS

Source: Moody’s


(Base = Total Renters)

Buy

Renting fits my current lifestyle Owning a home fits within my

current lifestyle

Q: Following are several pairs of statements. For each pair, please select the point on the scale that

best reflects your opinion..

58%

63%

47%

56%63%

Attitudes Towards Renting% (2,1 Ratings – Top Favorable Ratings for the Statement)

Renting Fits My Current Lifestyle% (4,5 Ratings – Top Favorable Ratings for the Statement)

Gen X(Age 38-52)

Baby

Boomer(Age 53-71)

Young

Millennial(Age 21-27)

Older

Millennial(Age 28-37)

1 2 3 4 5

2017 Renter Survey*: Young Millennials and Boomers

More Likely to Say Renting Fits Their Lifestyle

*2017 August Harris Poll General Consumer Quick Query Omnibus Results


Current corporate spreads, the risk premium demanded to hold real estate, are aligned

with historical averages. Cap rate compression is a result of property value increase since

2009, with the market benefitting from improved access to real estate debt capital

Multifamily Cap Rates and U.S. Treasuries

Sources: Moody’s REAL Commercial Property Price Index (CPPI) and Real Capital Analytics (RCA)

0.0

0.4

0.8

1.2

1.6

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

MU

LT

IFA

MIL

Y V

ALU

E I

ND

EX

TR

EA

SU

RY

, S

PR

EA

D A

ND

CA

P R

AT

E

Cap Rate Spread (left)

Treasury Rate (left)

MF Value Index (Right)


Multifamily Mortgage Originations

Sources: Freddie Mac 10-Ks, 10-Qs, FHFA Report to Congress, and Freddie Mac's internal reports, Fannie Mae 10-Ks, 10-Qs, FHFA Report to Congress, and Fannie Mae's

Multifamily Monthly New Business Volumes, ACLI, Wells Fargo Securities LLC, Intex Solutions Inc., Mortgage Bankers Association and Freddie Mac internal research

Originations have been rising over the last few years, reflecting solid market fundamentals

19

Freddie Mac Multifamily

Production, Sales and Underwriting


Freddie Mac buys loans from a network of approved Multifamily Seller/Servicers that have

over 150 branches nationwide, substantial lending experience and established

performance records

Our Seller/Servicer Network

▪ Arbor Agency Lending

LLC

▪ Barings Multifamily

Capital LLC

▪ Basis Investment

Group, LLC

▪ Bellwether Enterprise

Real Estate Capital LLC

▪ Berkadia Commercial

Mortgage LLC

▪ Berkeley Point Capital

LLC

▪ Capital One Multifamily

Finance LLC

▪ CBRE Capital Markets

▪ Community

Preservation

Corporation

▪ Grandbridge Real

Estate

▪ Greystone Servicing

Corporation

▪ Holliday Fenoglio

Fowler LP

▪ Hunt Mortgage Group

▪ Jones Lang LaSalle

LLC

▪ KeyBank NA

▪ M&T Realty Capital

Corporation

▪ NorthMarq Capital

▪ Pillar Financial, a

division of SunTrust

Bank

▪ Pinnacle Bank

▪ PNC Real Estate -

Multifamily

▪ Prudential Affordable

Mortgage Company

▪ Walker & Dunlop LLC

▪ Wells Fargo Multifamily

Capital

Seller/Servicers

The small size of the

network promotes quality

originations and a high level

of service to lenders and

borrowers

Our Seller/Servicers must

comply with our standards

for both origination and

servicing of multifamily

loans, which includes

meeting minimum financial

requirements and

undergoing satisfactory

annual audits


The Multifamily

Production and

Underwriting

teams are situated

throughout the

country to

promote market

expertise and

provide better

customer service

Production, Sales & Underwriting Locations

▲ WESTERN REGION

444 S Flower St

44th Floor

Los Angeles, CA 90071

(213) 337-4200

▲ CENTRAL REGION

333 W Wacker Dr

Suite 2500

Chicago, IL 60606

(312) 407-7400

▲ SOUTHEAST REGION

8100 Jones Branch Dr

McLean, VA 22102

(703) 903-2000

▲ NORTHEAST REGION

200 Park Ave

16th Floor

New York, NY 10166

(212) 418-8900

● FIELD OFFICE LOCATIONS

Atlanta, GA | Austin, TX | Dallas, TX | Denver, CO | Fort Lauderdale, FL | Houston, TX | Irvine, CA | Seattle, WA

Regional focus means we have presence, experience, and knowledge of local markets


12%16% 17% 13% 15% 12% 15% 15%

25%26%

19%20% 20%

16%16% 16%

41%37%

39% 41% 39%

40% 34% 34%

14% 13%14% 16% 14%

18%18% 18%

4% 5%6% 6%

6% 8%9% 8%

3% 3% 5% 4% 6% 6% 9% 9%

2011 2012 2013 2014 2015 2016 2017 2018

% o

f U

nit

s A

cq

uir

ed

50% AMI or less >50%-60% AMI >60%-80% AMI >80%-100% AMI >100%-120% AMI >120% AMI

83%

Financing Affordable Units

Note: The numbers above represent the percentage of affordable units at each AMI threshold. Totals may not add up to 100% due to rounding

83% of the eligible units we financed in 1Q2018 were affordable to households earning at

or below 100% of the Area Median Income (AMI)

Multifamily Acquisitions of Units by Area Median Income (AMI)

(2011 - March 31, 2018)


Our Credit Philosophy

Our credit policy

and consistent

underwriting

practices are

one of the main

drivers of our

strong Freddie

Mac Multifamily

offerings

performance

Freddie Mac makes all credit, structuring, and pricing decisions working with

Seller/Servicers during all aspects of the mortgage manufacturing process

We are focused on:

▪ Sustainable Cash Flow

▪ Market Knowledge & Fundamentals

▪ Equity

▪ Definable Exit Strategy

▪ Sponsorship

▪ Quality Real Estate Collateral

Underwriting teams are situated throughout the country to provide market expertise

Each loan goes through full underwriting and credit approval processes


Our Credit Approval Process

Production sizes,

structures and submits

loan for pricing

Production presents deal

to Regional Underwriting

for approval to quote

▼ < $100MM approval

to quote determined

by Senior Regional

Underwriting Director

▼ >$100MM - $350MM

approved by Senior Vice

President of Multifamily

Underwriting & Credit

▼ >$350MM

▼ approved by

Vice President of

Enterprise Commercial

Real Estate Risk

Borrower completes loan

application and Seller

submits underwriting

package

Underwriter completes

due diligence process,

reports findings in

investment brief

Underwriter recommends

loan for approval

▼ Up to $50MM approval

level determined by

Senior Regional

Underwriting Director

▼ $50 - $100MM approved

by Vice President of

Multifamily Underwriting

▼ $100 - $350MM

approved by Senior Vice

President of Multifamily

Underwriting & Credit

▼ >$350MM - $500MM

▼ approved by Vice

President of Enterprise

Commercial Real Estate

Risk

Loan is APPROVED,

rate-locked and funded

START

Seller submits loan

request to Production

▪ Loan requests from $500MM - $750MM also approved by

CEO and Executive Vice President Chief Enterprise Risk

Officer

▪ Loan requests > $750MM also approved by Freddie Mac Risk

Committee of the Board of Directors

▪ Final approval may be delegated for loans that obtained

formal quote approval at levels above Senior Vice President

of Multifamily Underwriting & Credit if there is no material

change during underwriting

▪ Pooled transactions > $150MM for crossed and > $500MM for

uncrossed require elevated levels of credit approval

As a general rule, transactions over $50MM UPB or that have exceptions to Freddie Mac’s Credit Policy that

impact coverage, leverage, or maturity risk parameters must receive a higher level of approval.


K-Deal Mortgage Guidelines

The following are the general guidelines for Freddie Mac’s Multifamily mortgage purchases that are intended for K-Deal

securitization (subject to certain exceptions):

Property

Type

▪ Origination requirements are focused on loans secured by occupied, stabilized and completed multifamily properties

▪ Limited amount of seniors housing, student housing, cooperative housing, manufactured housing and Section 8 HAP

contracts

Loan

Terms

▪ Mortgages are fixed rate or floating rate

▪ 5-, 7-, 10- and 12-15-year loan terms with a maximum amortization of 30 years

▪ May contain initial interest-only periods of 1-5 years

▪ Moderate exposure to full term interest-only loans

▪ Full term interest-only loans require higher initial amortizing debt service coverage ratio (DSCR) and lower loan to value

(LTV)

▪ Floating rate mortgages are based on 1-month LIBOR, generally require a third party LIBOR cap and are sized using an

equivalent fixed rate

Borrowers

▪ Single purpose entity (SPE) is required for all loans greater than or equal to $5 million

▪ A carve-out guarantor is generally required

▪ Entity guarantors are acceptable but may require financial covenants or a material adverse change clause

▪ Established large institutional borrowers with substantial prior experience with Freddie Mac mortgage programs may

have more customized documents


K-Deal Mortgage Guidelines (cont’d)

Underwriting

▪ Effective gross income is calculated based on trailing 3-months actual rent collections or the annualized current rent roll

minus a minimum 5% vacancy rate subject to submarket data and actual rent collections

▪ Operating expenses are generally calculated based on trailing 12 months

▪ Real estate taxes and insurance are based on actual annual expenses

▪ Property values are based on third-party appraisals and internal value confirmation

▪ Replacement reserves are typically required and are generally equal to the greater of an engineer’s recommendation or

$250/unit or $50/pad for Manufactured Housing Communities.

▪ Tax and insurance escrows are generally required

▪ Third party LIBOR caps that expire prior to related mortgage maturity date are required to be replaced. Replacement

cap funds are escrowed at 125% of replacement cost and are recalculated on either a semi-annual or annual basis

▪ Other third-party reports are required (e.g., Phase I ESA, property condition, zoning, etc.)

▪ Property condition, Phase I, and Zoning reports are required for all loans over $15MM. A combined property condition

and environmental analysis report is required for all loans below $15MM

LTV and

DSCR

▪ Maximum LTV of 80%, minimum DSCR of 1.25x (fixed rate) and 1.00x on the max capped interest rate for floating-rate

loans

▪ Shorter loan terms, tertiary or underperforming markets, and specialty product types typically require adjustments

▪ All loans require a maturity risk analysis

Supplemental

Financing

▪ Eligible one year after origination of the first mortgage

▪ Purchased by Freddie Mac from original Seller/Servicer under Freddie Mac’s supplemental mortgage product

▪ Lower of 80% LTV or maximum LTV per Loan Agreement and minimum amortizing DSCR of 1.25x (fixed) or 1.10x

(floating, at cap)

▪ Re-underwriting required based on current property performance, an updated appraisal and financials and Freddie

Mac’s credit policy

▪ Monthly escrows for taxes, insurance and replacement reserves required. If the first mortgage allowed for deferral of

escrows, the supplemental will trigger collection.

27

Freddie Mac Multifamily Initiatives


Other Risk Transfer and Financing Initiatives

SUPPLEMENTAL LOAN

INVESTMENT FUNDS

$1 BILLION SINCE 2016 - 5 FUNDSFreddie Mac

Multifamily

continues to add

new risk transfer

vehicles that

complement our

K-Deals and SB-

Deals

Transfers first loss risk on to-be-issued

Freddie Mac KJ securitizations

STRUCTURED CREDIT RISK

(SCR) NOTES

$2.9 BILLION OF REFERENCE POOLS

SINCE 2016 – 3 TRANSACTIONS

Provides synthetic risk transfer structure

typically for certain targeted affordable loans

$1 BILLION IN 2017

Vehicle to transfer risk on less liquid loans

e.g. value add, moderate rehabilitation

AGGREGATION RISK TRANSFER

CERTIFICATES (KT-DEALS)

$2.0 BILLION IN 2017 – 2

TRANSACTIONS

Transfers risk on loans awaiting

securitization

WHOLE LOAN INVESTMENT

FUNDS

TAX-EXEMPT LOAN

SECURITIZATION (ML-DEALS)

$656 MILLION IN 2017 – 2 TRANSACTIONS

Transfers risk on tax-exempt loans

29

Freddie Mac

Multifamily Securitization Program


Multifamily Securitization Program

In Q1 2018,

approximately 92

percent of

Freddie Mac’s

multifamily

mortgage

purchases were

designated for

securitization

Securitization is accomplished through offerings of K-Series Multifamily Mortgage Pass-

Through Certificates “K-Deals”, SB-Series Multifamily Mortgage Pass-Through

Certificates “SB-Deals” and other securitization transactions

In general, K-Deals are backed by newly acquired mortgages underwritten to Freddie

Mac’s industry leading underwriting standards. Underwriting and credit reviews are

completed by Freddie Mac, and securitized loans are underwritten to the same

standards as loans held in our investment portfolio

Freddie Mac Multifamily announced the addition of the Small Balance Loans (“SBL”) line

of business to its lending platform in October 2014. SBL generally refers to loans

between $1 – $7.5 million and properties with 5- 100 units. Deals greater than $6 million

and up to $7.5 million in small and very small markets may be permitted subject to

Freddie’s approval of an exception request. Unit limit exceptions are also permitted.

In January 2017, Freddie Mac introduced its first aggregation period risk transfer

transaction, known as “KT-Deal”, as a risk transfer vehicle for loans awaiting

securitization. The first KT-Deal (KT01) was closed in February 2017. The deal is

backed by approximately $1 billion of 7 & 10 year fixed rate collateral. The second KT-

Deal (K-T02) was closed in November of 2017. The KT02 deal is backed by

approximately $1 billion of fixed and floating rate lease-up collateral

In June 2017, Freddie Mac introduced a new series of credit risk transfer securities

backed by Tax-Exempt Loans (TELs) made by Freddie Mac approved Target Affordable

Housing Seller/Servicers to state or local housing agencies and secured by affordable

rental housing. The TEL program finances stabilized affordable multifamily properties

with 4% Low-Income Housing Tax Credits and at least 7 years remaining in the LIHTC

compliance period

As of March 31, 2018, there has been approximately:

» $247.2 billion of K-Deal issuance since the start of the program in 2009

» $13 billion of SB-Deal issuance since the start of the program in 2015

» $656 million of ML-Deal issuance since the start of the program in 2017


provided by Freddie Mac’s guarantee plus

credit support of underlying mortgages

underwritten to Freddie Mac’s portfolio

standards

Multifamily Securitization Program – Strengths

STRONG CREDIT

STRONG

PERFORMANCE

DIVERSIFICATION

through pooled risk of many

assets versus single asset risk in

a typical deal

K-Deals are secured by assets with some

of the industry’s lowest delinquency and

vacancy rates, along with other strong

property fundamentals

associated with defeasance or

yield maintenance

CALL PROTECTION

TRANSPARENCY

& CONSISTENCY

on collateral and deal information via

Multifamily Securities Investor Access

Tool

supported by expectations for

repeatable and reliable issuance

subject to market conditions

LIQUIDITY

SERVICING

STANDARD

improves the Borrower experience

post-securitization

Freddie Mac

Multifamily is an

active and

consistent

issuer of

high-grade

multifamily

securities,

featuring

transparency

and consistency

on collateral and

deal information


Freddie Mac has used its Multifamily

Seller/Servicer Guide to outline its

Servicing Standard and expanded it in

2012 to directly refer to it as the

Servicing Standard in each Pooling and

Servicing Agreement (PSA)

▪ This standard ensures transparency and

on-going communication between all

post-securitization transaction parties

We partner with all of the parties

involved with each loan post-

securitization to ensure that they protect

the Freddie Mac brand

▪ Freddie Mac is not a credit decision-

maker but is monitoring the process

▪ Freddie Mac acts as the Servicing

Consultant to help create a shared credit

philosophy and consistent processes

» Provides an analysis of “what Freddie

Mac would do” under our credit

guidelines when asked by the Master

Servicer

Servicing Standard - Best-in-Class Service

The Freddie Mac

Multifamily

Servicing

Standard ensures

that we are

delivering

best-in-class

service

throughout the

life of the loan

SPECIAL SERVICERS


Multifamily Securitization Volume (2009 – Q1 2018)

Our securitization program has seen unprecedented growth as we continue to diversify our

product execution options

1 The vast majority of our securitization volume is workforce housing loans. The K-W workforce housing deal type is a securitization type we are considering on a limited basis for certain

types of workforce housing and represents only a small subset of our overall workforce housing volume.

2 Total UPB from prior years may not add up to total ending balance due to rounding.

$0

$10

$20

$30

$40

$50

$60

$70

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Tota

l UP

B (

$ B

illio

n)

Execution Volume

10 Year 7 Year 5 Year SASB No-Subordination

Floating Rate Seniors Housing Seasoned Q-Deal Supplemental

>10 Year Small Balance Workforce SR-Deal ML-Deal

Large Loan Value-Add

2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 Total

Total UPB $2.1 $6.4 $13.7 $21.2 $28.0 $21.5 $37.5 $51.7 $64.3 $16.2 $262.7

K-Deals $2.1 $6.4 $13.7 $21.2 $28.0 $21.3 $35.6 $47.3 $56.7 $14.7 $247.2

Q-Deals 0 0 0 0 0 $0.2 $0.1 $0.5 $1.2 0 $2.0

SB-Deals 0 0 0 0 0 0 $1.8 $3.9 $5.5 $1.5 $12.7

ML-Deals 0 0 0 0 0 0 0 0 $0.6 0 $0.6

SR-Deals 0 0 0 0 0 0 0 0 $0.2 0 $0.2

1

2


Multifamily Securitization Volume (Continued)

Deal Type Descriptor Description # of Deals Total UPB (IN BILLIONS)

Total UPB 262.7

10 Year K-000 Series for fixed loans with various terms, mostly 10 year terms 72 98.7

Floating Rate K-F00 Series for loans with floating rates of various terms 44 57.3

7 Year K-700 Series for fixed loans with 7 year terms 31 39.4

Single Sponsor K-ABC Series for Single-Sponsor loans, sometimes single asset 25 24.0

Small Balance SB-00 Series for small balance loans, also known as the FRESB series 47 12.6

Seniors Housing K-S00 Series for loans backed by multifamily mortgages on senior properties 10 6.3

Supplemental K-J00 Series for supplemental loans 19 5.0

5 Year K-500 Series for fixed loans with 5 year terms 4 4.1

No-Subordination K-P00 Series for portfolio loans, with no subordinate piece 4 3.6

>10 Year K-1500 Series for fixed loans with greater than 10 years 4 3.0

Workforce K-W00 Series for workforce housing loans 4 2.4

Third Party Q-000 Series for third party collateral 9 2.0

Large Loan K-L00 Series for large loans 2 1.8

Seasoned K-X00 Series for seasoned loans 2 1.1

Tax Exempt ML-00 Series for tax exempt loans 3 0.7

Value-Add K-I00 Series for value-add loans 1 0.6

Single Family Rental SR-01 Series for single family rental 1 0.2


Typical K-Deal Issuance Timeline

Internal Pool

Preparation

(4 weeks)

Surveillance

(Ongoing)

Preliminary Due

Diligence

(2 weeks)

Full Due

Diligence

(5 - 6 weeks)

Marketing /

Placement

(1 - 2 weeks)

Closing /

Settlement

(1 - 2 weeks)

▪ Identify pool

collateral

▪ Pool preparation

including data tapes,

asset summary

reports and

mortgage files

▪ Engage rating

agencies for

preliminary analysis,

if applicable

▪ Guarantor

▪ Surveillance team

monitoring

▪ Review and clear

Trustee exception

reports

▪ Prospective

Subordinate bond

investors perform

preliminary due

diligence

▪ Subordinate bond

investor selected

▪ Rating agency

performs preliminary

analysis completed

▪ Select rating

agencies, if

applicable

▪ Perform accounting

and legal due

diligence

▪ Trustee and Master

Servicer selected

▪ Finalize exceptions

to representations

and warranties

▪ Subordinate bond

investor confirms

due diligence

completed and pool

finalized

▪ Finalize rating

agency levels

▪ Finalize preliminary

offering documents

(OCS, IC, OM, PSA,

Term Sheet)

▪ Placement agent

announces

transaction

▪ Respond to investor

inquiries

▪ Launch and price

senior, mezzanine

and interest-only

classes

▪ Finalize offering

documents (OCS,

IC, OM, PSA, MLPA)

▪ Prepare for closing

▪ Settlement

▪ Mortgage files

transferred to

Trustee and Master

Servicer


Freddie Mac Q1 2018 K-Deal Snapshot

# of Deals Deal Name Closing Date # of Loans

Closing

Balance ($

Millions)

Guaranteed Balance ($

Millions)

Average Cutoff

Principal Balance

($ Millions) Coupon

Remaining Loan

Term (Months)

Seasoning

(Months)

Loan to Value

%

Debt Service

Coverage Ratio

Loan Balance

%

Top 10

Acquisition

Loans %

Delinquency %

(60+ days & REO)

2 2009 Deals 2009 108 2,140.00 1,979.50 19.8 5.707 115 4 69.0 1.51 54.4 28.8 0.00

6 2010 Deals 2010 364 6,443.71 5,693.79 17.7 5.547 113 4 69.0 1.38 46.2 24.9 0.21

12 2011 Deals 2011 839 13,658.17 11,722.21 16.3 4.901 102 5 68.5 1.43 38.7 30.0 0.00

17 2012 Deals 2012 1141 21,203.76 17,922.33 18.6 4.081 92 6 70.3 1.45 37.3 39.3 0.00

19 2013 Deals 2013 1391 28,036.11 23,696.30 20.2 3.625 104 6 68.5 1.56 36.3 45.6 0.00

17 2014 Deals 2014 1299 21,324.93 18,262.56 16.4 3.678 92 5 68.5 1.68 34.4 47.2 0.00

30 2015 Deals 2015 1858 35,621.53 30,552.87 19.2 3.381 100 7 70.1 1.63 45.7 48.7 0.00

48 2016 Deals 2016 2,643 47,289.04 41,553.83 17.9 3.341 96 7 70.6 1.54 48.6 52.1 0.00

55 2017 Deals 2017 2,623 56,703.90 50,075.38 26.1 3.310 103 6 68.42 1.54 43.6 49.3 0.00

14 2018 Deals 3/31/2018 631 14,765.52 13,022.58 23.2 3.345 100 4 69.9 1.49 53.9 53.3 0.00

14 2018 Q1 3/31/2018 631 14,765.52 13,022.58 23.2 3.345 100 4 69.9 1.49 53.9 53.3 0.00

Most R

ecent

10 D

eals

KF42 2/27/2018 58 1,413.30 1,271.97 24.4 2.056 81 3 69.8 1.35 43.2 48.2 0.00

K073 2/28/2018 50 1,141.13 981.38 22.8 4.089 118 2 69.2 1.44 44.2 41.4 0.00

KF43 3/6/2018 42 1,264.59 1,138.13 30.1 2.140 117 3 70.5 1.39 49.6 38.0 0.00

K730 3/13/2018 52 1,470.54 1,264.66 28.3 3.927 78 4 67.8 1.59 41.6 55.2 0.00

KL02 3/16/2018 10 1,317.92 1,186.13 131.8 2.580 92 3 69.7 1.91 100.0 55.8 0.00

KF44 3/26/2018 74 1,470.51 1,323.46 19.9 2.051 81 3 70.9 1.40 34.4 46.1 0.00

KJ19 3/27/2018 60 290.98 239.97 4.8 5.260 56 12 66.4 1.41 37.1 0.0 0.00

K074 3/29/2018 81 1,434.17 1,233.39 17.7 4.230 118 2 68.9 1.37 38.3 34.4 0.00

KBX1 3/29/2018 13 741.34 667.21 57.0 3.681 83 4 58.8 1.81 88.7 100.0 0.00

KW04 3/29/2018 42 631.50 568.35 15.0 4.164 114 4 73.8 1.35 57.0 63.5 0.00


Credit Metrics – K-Deals

Our K-Deal program demonstrates consistent credit metrics since the

beginning of the program

0.00x

0.50x

1.00x

1.50x

2.00x40%

50%

60%

70%

80%

DSC

RLTV

10-Year K-Deals

Cut-off Date LTV Maturity Date LTV Underwritten NCF DSCR (Right Axis, Inverted)

2015201420132012201120102009 2016 2017 2018

0.00x

0.50x

1.00x

1.50x

2.00x40%

50%

60%

70%

80%

DSC

R

LTV

7-Year K-Deals

20152014201320122011 2016 2017 2018


¹ There has been $11.94 million in total losses realized by B-Piece investors (representing < 1 bp of total issuance)

² The respective Master Servicers maintain a watchlist for each securitization. Loans are added to and removed from the watchlist in accordance with criteria established

by CREFC

³ Information presented in the table is as of December 2017

K-Deal Performance

As of March 31st 2018:

Our K-Deal program continues a strong performance with < 1 bp of losses of

total issuance

Floating Rate Prepayment Information3

Origination

Year 2012 2013 2014 2015 2016 2017 2018

Original

Balance (Mil) $1,371.11 $1,540.31 $5,677.39 $8,770.94 $16,731.80 $10,861.90 $4,148.40

Original WAC 3.37% 2.96% 2.49% 2.30% 2.94% 3.52% 3.75%

Current

Balance (Mil) $27.50 $99.74 $1,341.71 $4,708.38 $12,295.24 $19,007.89 $4,148.35

Current WAC 4.09% 4.59% 3.38% 3.31% 3.72% 3.53% 3.72%

K-Deal Vintage Percent Prepaid

Years Since

Securitization 2012 2013 2014 2015 2016 2017 2018

<1 4.3% 0.0% 0.9% 0.3% 2.1% 0.2% 0.0%

2 30.8% 34.7% 15.4% 20.1% 23.6%

3 30.8% 37.7% 37.0% 23.8%

4 15.9% 14.1% 18.8%

5 12.4% 7.2%

6 3.8%

▪ 99.99% of the K-Deal loans are current by (outstanding

principal balance)

▪ Two loans are in special servicing (representing <3 bps of

outstanding principal)

▪ One loan is REO (representing <1 bp of outstanding

principal)

▪ Freddie Mac has not realized any credit losses on our K-

Deal guarantees¹

▪ 4.52% of the outstanding loan population (by outstanding

principal) is on the servicers’ watchlist²


1 Guaranteed Bonds include senior amortizing bonds as well as interest-only bonds derived from senior and subordinate P&I bonds

Basic K-Deal Transaction Structure

Freddie Mac securitizes loans via the K-Deal program through the following steps:

▪ The loans are sold to a third-party depositor who places the

loans into a third-party trust

▪ Private label securities backed by the loans are issued by the

third-party trust

▪ Freddie Mac purchases and guarantees certain bonds

(“Guaranteed Bonds”1) issued by the third-party trust and

securitizes these bonds via a Freddie Mac trust.

▪ The resulting Freddie Mac guaranteed structured pass-through

certificates (“K Certificates”) are publicly offered via placement

agents

▪ The unguaranteed mezzanine and subordinate bonds are

issued by the third-party trust and are privately offered to

investors via placement agents

Loans deposited

into the

third-party trust

by the depositor

Freddie Mac

acquires

Guaranteed

Bonds1

and

deposits them

into a Freddie Mac

trust

Freddie Mac sells

Guaranteed K

Certificates

backed by the

Guaranteed

Bonds

Senior Bond

Investors

Subordinate Bond Investor

Mezzanine BondInvestors

Unguaranteed Mezzanine Bonds

Unguaranteed Subordinate Bonds

Freddie Mac sells

loans to a third-

party depositor

RELEVANT PARTIES/ENTITIES

Underlying Mortgage Loan Seller

Freddie Mac

Underlying Originators

Freddie Mac Conventional and TAH

Seller/Servicers

Underlying Master Servicer

Selected by Freddie Mac through

bidding process

Underlying Special Servicer

Selected by subordinate bond

investor in consultation with Freddie

Mac

Underlying Trustee/Certificate

Administrator

Selected by Freddie Mac through

bidding process


1 Master Servicer Surveillance and Special Servicer Surveillance fees2 Guarantee Fee of 20 bps is multiplied by the outstanding principal balance of the A-1, A-2 and A-M certificates

Sample K-Deal Fixed Rate Coupon and Subordination

Primary, Master, Surveillance, Trustee and CREFC Royalty Fees

Guarantee Fee2

X2-A X2-B

X1 XAM

X3

Guaranteed Classes

Coup

on

Primary 9 bps

Master1 2 bps

Surveillance1 2 bps

Trustee 1 bp

CREFC .05 bp

Non-Guaranteed Classes

4.54%

4.40%

4.20%

4.10%

2.70%

3.50%

3.60%

7.5%10.0%14.0% 0.0%100.0%

Class D

$30

B C

A-1 A-2 A-M

$102 $103 $103 $98 $84

IO Classes


Sample K-Deal Subordination – Sequential Pay


Sample K-Deal Subordination – Pro Rata Pay

▪ Pro rata structure is commonly used for floating-rate K-Deals

▪ Principal collected is distributed pro rata, unless a Waterfall Trigger

Event has occurred and is continuing

▪ A “Waterfall Trigger Event” occurs when (i) the number of non-

specially serviced loans remaining in the pool falls below the

designated threshold as defined in the securitization documents or (ii)

the total outstanding principal balance of the non-specially serviced

loans is less than 15% of the initial total pool balance


Sample K-Deal Loss Scenarios

Assumptions

SCENARIO 1Example of Loan Loss in

Freddie Mac K-Deal

Structure

Regular interest payments of

$75mm and amortization

payments of $14mm

$8mm loss on Class D resulting

from the loss on the $23mm

defaulted loan

$15mm pay down to Class A-1

resulting from recovery on the

$23mm defaulted loan

Months 16-24


$46mm which includes

interest attributable to the

defaulted $23mm loan (paid

via Freddie Mac Guarantee)

Regular amortization of

$12mm which does not

include principal attributable

to the defaulted $23mm loan

Month 25

A-1 + A-2 + AM

$1.059bn

B $50mm

C $50mm

D $92mm

Months 1-14 A-1 + A-2 + AM

$1.086bn

B $50mm

C $50mm

D $100mm

Month 15

A-1 + A-2 + AM

$1.100bn

B $50mm

C $50mm

D $100mm

Month 0

This loss example illustrates how the underlying certificates would be affected by loan defaults and

the Freddie Mac guarantee assuming that the Servicer is no longer making principal and interest

advances with respect to the defaulted loans. This example is hypothetical and for illustrative

purposes only. Class balances, loan balances and other mortgage pool characteristics described in

this example do not reflect those of any actual underlying certificates or any actual underlying

mortgage pools

▪ Pool Size: $1.3bn

▪ $23mm loan defaults in month 15 (prior to loan maturity)

▪ Loan sold for $15mm in month 25, $8mm loss in month 25


Sample K-Deal Loss Scenarios (continued)


$365mm, amortization

payments of $125mm and

prepayments of $120mm

With no Class D to absorb losses,

Class C is written down by the

full amount of the $8mm loss

$15mm paydown to Class A-1

resulting from recovery on the

$23mm defaulted loan

Months 52


$5mm which includes interest

attributable to the defaulted

$23mm loan (paid via Freddie

Mac Guarantee)

Regular amortization of

$3mm which does not include

principal attributable to the

defaulted $23mm loan

Month 53

A-1 + A-2 + AM

$837mm

B $50mm

C $42mm

D $0mm

Months 1-50 A-1 + A-2 + AM

$855mm

B $50mm

C $50mm

D $0mm

Month 51

A-1 + A-2 + AM

$1.100bn

B $50mm

C $50mm

D $100mm

Month 0

Losses of $100mm

extinguishes Class D


Freddie Mac K-Deal

Structure






mortgage pools

Assumptions▪ Pool Size: $1.3bn

▪ Losses occur during the first 50 months resulting in Class D being written down to zero

▪ $23mm loan defaults in month 51 (prior to loan maturity)

▪ Loan sold for $15mm in month 53, $8mm loss in month 53


Month 121

A-1 + A-2 + AM

Paid Off

B $50mm

C $50mm

D $100mm

A-1 Paid Off

A-2 $13mm

AM $2mm

B $50mm

C $50mm

D $100mm

Month 120

A-1 + A-2 + AM

$1.100bn

B $50mm

C $50mm

D $100mm

Month 0 Month 125

A-1 + A-2 + AM

Paid Off

B Paid Off

C Paid Off

D $0mm

Sample K-Deal Loss Scenarios (continued)

Regular

payments of

interest and

principal

Balloon

payments in

month 120

pay off Class A-

1 and part of

Classes A-2

and AM

Freddie

Guarantee pays

$15mm to

Classes A-2

and AM in

month 120

Freddie

Guarantee

reimbursement

of $15mm

reduces

$165mm

recovery to

$150mm Class

B is paid off.

Class C is paid

off. Class D is

paid $50mm

and is written

down by $50mm

Months 1-119 Months 122-124


Freddie Mac K-Deal

Structure






mortgage pools

Assumptions▪ Pool Size: $1.3bn

▪ All loans (with the exception of two) pay off on time in month 120

▪ $115mm and $100mm IO loan maturity defaults in month 120

▪ Loans sold for $165mm in month 125, $50mm loss in month 125


K-Deal Placement Agents


** Approximate balance as of settlement

Freddie Mac retains sole discretion over whether or not the K Certificates issuances come to market and the timing thereof, which may be impacted by market conditions.

The information contained in the 2018 K Certificates Announcement Calendar does not guarantee the timing of any future Freddie Mac offerings or the amount of such

offerings. The Calendar may be amended, superseded or replaced. This Calendar is for informational purposes only and is not an offer to sell any Freddie Mac securities.

K-Deal 2018 Second Quarter Announcement Calendar

Deal

Name

Announcement

Week Of

Freddie Mac

Program

Collateral

Rate Type

Collateral

Loan Term

Projected Issuance

Size (Millions)

K-731 April 2, 2018 Conventional Fixed 7-year $1,249**

K-75 April 16, 2018 Conventional Fixed 10-year $1,297**

K-F45 May 14, 2018 Conventional Floating 7-year $1,100

K-X03 May 14, 2018 Conventional Various Various $850

K-76 May 21, 2018 Conventional Fixed 10-year $1,275

K-F46 May 21, 2018 Conventional Floating 10-year $1,200

K-W05 June 4, 2018 ConventionalFixed &

FloatingVarious $575

K-1505 June 4, 2018 Conventional Fixed 15-year $900

K-77 June 11, 2018 Conventional Fixed 10-year $1,250

K-F47 June 18, 2018 Conventional Floating 7-year $1,100

K-732 June 18, 2018 Conventional Fixed 7-year $1,150

MAY

M T W TH F

1 2 3 4

7 8 9 10 11

14 15 16 17 18

21 22 23 24 25

H 29 30 31

CALENDAR KEY

OPTIONAL

K CERTIFICATES

ANNOUNCEMENT

WEEK

H = U.S. HOLIDAY

A

We provide a calendar of upcoming offerings on freddiemac.com/multifamily

JUNE

M T W TH F

1

4 5 6 7 8

11 12 13 14 15

18 19 20 21 22

25 26 27 28 29

APRIL

M T W TH F

2 3 4 5 6

9 10 11 12 13

16 17 18 19 20

23 24 25 26 27

30

A

A A

A

A

A

A

48

Freddie Mac Multifamily Competition


Competition

Fannie Mae

▪ Fannie Mae’s Delegated Underwriting and Servicing (DUS) program allows pre-approved

lenders to underwrite guaranteed loans on behalf of Fannie Mae

▪ Each individual loan is generally sold as a one-off DUS MBS

▪ Fannie Mae guarantees timely principal and interest on DUS MBS

▪ Loss sharing is split between the lender and Fannie Mae (e.g., 1/3 loss to lender,

2/3 to Fannie Mae)

DUS MBS

▪ Pass-thru cash flows versus structured cash flows

on Freddie Mac K-Deals

▪ Fixed-rate DUS MBS is typically call protected with

yield maintenance instead of defeasance as on

Freddie Mac K-Deals

▪ Delinquencies are paid off at par by Fannie Mae

after a series of missed payments, not worked out in

the trust like Freddie Mac K-Deals

▪ Individual loans lack geographic diversity and have

binary prepayment risk

GEMS

▪ Repackaging of DUS MBS by Fannie Mae into a

REMIC structure

▪ Structures differ from deal to deal and based on the

collateral mix compared to relatively static structures

for Freddie Mac K-Deals

▪ GeMS likely have lower secondary liquidity.

Issuance volume in 2016 was $11.6 billion versus

$47.3 billion for Freddie Mac K-Deals

50

Freddie Mac

Multifamily Investor Resources


1 Data reflects senior bond allocations YTD for deals closed through March 31, 2018

Investor Overview

▪ 247 investors historically, with 76 participating in 2018 through

Q1

▪ Average of 24 different accounts per transaction historically,

with 41 per transaction in 2018 through Q1

▪ 9 subordinate investors historically, with 4 participating in

2018 through Q1

▪ Average of 6 new investors per transaction in 2018 through

Q1, including 19 new investors in the program YTD

Since the SB-Deal program’s inception in 2015, the investor base

has grown significantly:

▪ 518 investors historically, with 134 participating in 2018

through Q1

▪ Average of 30 different accounts per transaction historically,

28 per transaction in 2018 through Q1

▪ 48 subordinate investors historically, with 11 participating in

2018 through Q1

Since the K-Deal program’s inception in 2009, the investor base

has grown significantly:

Bank62%

Money Manager

28%

Insurance Company/Pension

Plan9%

Hedge Fund1%

K-Deal Investors by Type1

Bank68%

Money Manager

19%


Plan12%

Hedge Fund1%

SB-Deal Investors by Type1


K and SB-Deal Investor Participation

A total of 268 accounts purchased K-Deal bonds and 174 accounts purchased SB-Deal Bonds in 2017, with an average of 29 different investors on each deal

(averages for K, SB, and Combined).

We continue to build on our K and SB-Deal brands – growing our securitization volumes

and investor base

173 222 218

22

33 49

13

82

124

31

60

122

167

141 146

208

337

391

0

50

100

150

200

250

300

350

400

2009 2010 2011 2012 2013 2014 2015 2016 2017

Investor Participation

K Investors Both Programs SB Investors (beginning 8/2015)


1 The Multifamily Loan Performance Database (MLPD) provides historical information on a subset of the Freddie Mac multifamily loan portfolio. The MLPD comprises

information regarding certain multifamily whole loan, K-Deal and SBL-Deal loans. It excludes loans that are credit revolvers, sold book (pre-1994) loans, and negotiated

transactions/structured deals and K001 and K002.

Resources - Multifamily Loans Performance Database1

Multifamily Loan Performance Database (MLPD) is available on FreddieMac.com. It provides quarterly performance

information on Freddie Mac's loans which includes more than 28,000 loans with a total origination UPB of over $360 billion

that were purchased by Freddie Mac from 1994 through the end of 2017 Q4.

Of this reported population, approximately 0.21% has defaulted by UPB through the end of 2017 Q4


ISSUANCE CALENDARS

K-Deals, ML-Deals and SB-

Deals. For other types of deals,

please contact us

PRESENTATIONS AND DATA

Provide important current and

historical information about

securities and other offerings

LOOKUP TOOLS

Multifamily Securities Investor

Access (MSIA) online tool that

provides investors and analysts

with information related to

Freddie Mac Multifamily K-Deal,

Q-Deal and SB-Deal securities

and their underlying collateral

Resources - Multifamily Securities Information on FreddieMac.com

www.freddiemac.com/multifamily/investors /

DETAILED INFORMATION

Securities offered by Freddie

Mac Multifamily, including K

and KT Certificates, SB

Certificates, Q Certificates, M

Certificates and ML Certificates

LINKS TO OUR RECENT

HEADLINES

This section offers our latest

news releases

On our website,

you will find

useful

information on

products offered

by Freddie Mac

Multifamily

Investor Inquiries

http://www.freddiemac.com/multifamily/investors/calendars.html

mailto:[email protected]

http://www.freddiemac.com/multifamily/investors/presentations-data.html

http://www.freddiemac.com/multifamily/investors/sd_remic_lookup.html

http://www.freddiemac.com/multifamily/investors/

http://www.freddiemac.com/multifamily/investors/sd_remic_lookup.html

http://freddiemac.mwnewsroom.com/News.aspx?categoryname=Multifamily




Standard Investor Reporting Package

provided on a monthly basis by the

Master Servicer and Trustee for a given

security issuance

K-Deal Supplemental Mortgage Report

Resources - Multifamily Securities Information on FreddieMac.com

(continued)

https://FM-MSIA.com

Multifamily Securities Investor Access (MSIA) is an online tool that provides investors and

analysts with information related to Freddie Mac’s K-Deals, ML-Deals, Q-Deals SB-Deals and

PCs securities and their underlying collateral. It also provides information about SCR Notes

For a single deal or a portfolio, this tool provides a combination of standard and

custom reporting capabilities:

Available data

includes

» Bond Level Data

» Collateral Summary

» Delinquent Loan Status Report

» Distribution Date Statement (PDF)

» Distribution Date Statement (XLS)

» Financial File

» Loan Periodic Data

» Operating Statement Analysis

Report (PDF)

» Operating Statement Analysis

Report (XLS)

» Property Summary

» Restricted Servicer Reports

https://fm-msia.com/


Resources - Multifamily Research

Profile of Today's Renter

Steve and Aaron Discuss National Disasters

2018 Multifamily Year Outlook

Our in-house research team led by

Steven Guggenmos provides

research publications about the

multifamily market

www.freddiemac.com/multifamily/aimi/

The Freddie Mac Multifamily

Apartment Investment Market

IndexSM (AIMISM) can help you

determine how the relative value of

investing in multifamily properties in

select major metros, and nationally,

has changed over time

www.freddiemac.com/multifamily/news/subscribe.htmlMultifamily news email sign-up

http://www.freddiemac.com/multifamily/pdf/profile_of_renter.pdf

http://www.freddiemac.com/multifamily/podcast/episode-4.html

http://www.freddiemac.com/multifamily/pdf/2018_year_outlook.pdf

http://www.freddiemac.com/multifamily/aimi/

http://www.freddiemac.com/multifamily/news/subscribe.html

57

Recent Transaction Highlights

APPENDIX I


K-074

Transaction Highlights

Class

Initial Principal or

Notional Amount

Pricing

Spread

Assumed

Weighted

Average Life

A-1 $122,264,000 S+39 6.75

A-2 $1,043,000,000 S+48 9.79

A-M $68,123,000 S+54 9.85

X1 $1,165,264,000 T+90 9.09

XAM $68,123,000 T+68 9.60

X3 $200,784,842 T+275 9.86

Total Guaranteed $1,233,387,000

Offered K-074 Certificates:

Deal Characteristics 1

Collateral Type Multifamily Fixed-Rate Mortgage Loans

Collateral Structure Type Balloon

Mortgaged Loans 81

Initial Underlying Pool Balance $1,434,171,842

Rating Agencies Fitch/Morningstar

Waterfall Structure Sequential

Top 5 State Concentrations CA (15.3%), TX (9.0%), WA (8.3%),

NJ (8.3%), KS (5.5%)

WA Mortgage Interest Rate 4.230%

WA Original Maturity 121 months

WA DSCR 1.37x

WA LTV 68.9%

Classes

A-1, A-2,

A-M, X1,

XAM &

X3Freddie

Mac

(Mortgage

Loan

Seller)

Freddie

Mac SPC

Trust,

Series

K-74

Classes

A-1, A-2,

A-M, X1,

XAM &

X3

Investors

(including

Freddie

Mac)

InvestorsClasses

B and C

FREMF

2018-

K74

Mortgage

Trust

InvestorsClass D

1 As of the Cut-off Date2 As of the Closing Date

Overview of Deal Structure (Pricing Date: March 20, 2018) Structural Diagram

Breakdown of Investors (Classes A-1, A-2, A-M, B and C) 2

Money Manager

36%

Bank23%

Other23%


Plan17%

Hedge Fund1%


Bank48%

Hedge Fund< 1%Insurance Company/Pension Plan

11%

Money Manager

30%

Other11%

K-730


Classes

A-1, A-2,

A-M, X1,

X3 &

XAMFreddie

Mac

(Mortgage

Loan

Seller)

Freddie

Mac SPC

Trust,

Series

K-730

Classes

A-1, A-2,

A-M, X1,

X3 &

XAM

Investors

(including

Freddie

Mac)

InvestorsClasses

B and C

FREMF

2018-

K730

Mortgage

Trust

InvestorsClass DDeal Characteristics1

Collateral Type Multifamily Fixed-Rate Mortgage

Loans


Mortgaged Loans 52


Rating Agencies Moody’s/S&P


Top 5 State Concentrations CA (16.8%), AZ (8.9%), WA (8.9%),

IL (7.5%), FL (7.2%)



WA DSCR 1.59x

WA LTV 67.8%

1As of the Cut-off Date2As of the Closing Date

Overview of Deal Structure (Pricing Date: February 28, 2018) Structural Diagram

Breakdown of Investors (Classes A-1, A-2, A-M, B and C)2

Class


Notional Amount

Pricing

Spread

Assumed

Weighted

Average Life

A-1 $166,561,000 S+15 3.90

A-2 $1,030,090,000 S+31 6.73

A-M $68,012,000 S+39 6.87

X1 $1,196,651,000 T+68 6.34

XAM $68,012,000 T+58 6.87

X3 $205,876,201 T+210 6.87


Offered K-730 Certificates:


K-F44


Classes

A, XI &

XP

Freddie

Mac

(Mortgage

Loan

Seller)

Freddie

Mac SPC

Trust,

Series

K-F44

Classes

A, XI &

XP

Investors

(including

Freddie

Mac)

InvestorsClass B

FREMF

2018-

KF44

Mortgage

Trust

InvestorsClass C


Collateral Type Multifamily Floating-Rate Mortgage

Loans


Mortgaged Loans 74


Rating Agencies Not Rated

Waterfall Structure Pro Rata

Top 5 State Concentrations TX (18.0%), GA (11.5%), FL (10.5%),

VA (9.6%), NV (9.4%)


WA DSCR 1.40x

WA LTV 70.9%



Breakdown of Investors (Classes A and B) 2

Class


Notional Amount

Discount

Margin

Assumed

Weighted

Average Life

A $1,323,461,000 19 6.54

XI $1,470,512,356 N/A 6.54

XP $1,470,512,356 N/A N/A


Offered K-F44 Certificates:

Bank94%


Plan3%

Money Manager2%

Other1%


K-J19



Structural Diagram

Breakdown of Investors (Classes A-1, A-2, and A-FL) 2


Collateral Type Multifamily Supplemental Mortgage

Loans


Mortgaged Loans 60

Initial Underlying Pool Balance $290,975,177


Waterfall Structure Pro Rata

State Concentration CA (15.0%), TX (13.4%), WA

(10.3%), CO (10.1%), FL (7.8%)



WA DSCR 1.41x

WA LTV 66.4%

Bank28%


Plan16%

Money Manager

31%

Other25%

Class


Notional Amount

Pricing

Spread

Assumed

Weighted

Average Life

A-FL $122,297,000 L+23 4.85

XI $143,879,582 N/A 4.88

XP $143,879,582 N/A N/A

A-1 $45,782,000 S+17 3.50

A-2 $71,894,000 S+25 4.56

X $147,095,595 N/A 4.15

Total Guaranteed $239,973,000

Offered K-J19 Certificates:

Overview of Deal Structure (Pricing Date: March 15, 2018)

Classes

A-1, A-2,

X, A-FL,

XI & XP

Freddie

Mac

(Mortgage

Loan

Seller)

Freddie

Mac SPC

Trust,

Series

K-J19

Classes

A-1, A-2,

X, A-FL,

XI & XP

Investors

(including

Freddie

Mac)FREMF

2018-

KJ19

Mortgage

Trust

Classes

B-FX &

B-FL

Investors


SB47


3 Assumes a 5% CPR prepayment speed until the earlier of each underlying loan’s maturity date or first interest reset date, at which time the loan is assumed to pay in full4 Waterfall structure will change from pro rata to sequential upon the earlier of (i) the aggregate Stated Principal Balance of the underlying loans as of the related

determination date is less than or equal to 15% of the initial Principal Balance of the pool (ii) aggregate loans that are at least 60 days delinquent is greater than 4% of

pool balance UPB or (iii) the Class B percentage is less than 7.5% as of the related distribution date

Classes

A-5H, A-7F

A-10F, &

X1Freddie

Mac

(Mortgage

Loan Seller)

Investors

(including

Freddie

Mac)

FRESB

2018-SB47

Mortgage

Trust

Class B Investors

Deal Characteristics1

Collateral Type Multifamily Small Balance Loans


Mortgage Loans 209


WA Initial Fixed Mortgage Interest Rate 4.069%

WA DSCR 1.36x

WA LTV 67.2%

WA Original Maturity 164 Months

Waterfall Structure Pro Rata4

Top 5 State Concentrations NY (22.9%), CA (12.9%), TX (8.5%),

IL (8.3%), FL (5.5%)

Overview of Deal Structure (Pricing Date: March 15, 2018) 3 Structural Diagram

Bank78%


Plan15%

Money Manager

7%

Breakdown of Investors (Classes A-5H, A-7F, A-10F) 2


Class


Notional Amount

Pricing

Spread

Assumed

Weighted

Average Life

A-5H $200,477,296 S+29 4.03

A-7F $66,219,027 S+35 5.52

A-10F $230,641,419 S+52 7.29

X1 $552,597,491 N/A 5.74


Offered FRESB 2018- SB47 Certificates:


K-W04


Classes

A & X

Freddie

Mac

(Mortgage

Loan

Seller)

Freddie

Mac SPC

Trust,

Series

K-W04

Classes

A & X

Investors

(including

Freddie

Mac)FREMF

2018-

KW04

Mortgage

Trust

Investors

Class B

Class C,

X2-A and

X2-BDeal Characteristics1

Collateral Type Multifamily Workforce Housing

Mortgage Loans


Mortgaged Loans 42




Top 5 State Concentrations CO (12.1%), MA (9.8%), OH (8.3%),

GA (7.9%), OK (7.6%)



WA DSCR 1.35x

WA LTV 73.8%



Breakdown of Investors (Classes A and B)2

Class


Notional Amount

Discount

Margin

Assumed

Weighted

Average Life

A $568,346,000 24 8.72

X $631,496,341 N/A 9.06


Offered K-W04 Certificates:

Money Manager

1%

Insurance Company/Pension Plan

2%

Bank94%

Hedge Fund3%

64

Multifamily Team

APPENDIX II


Multifamily Line of Business

Market, originate and

structure loan

products; ensure

volume, profitability

and affordable

housing targets are

met; manage

relationships with

Sellers and Borrowers

Perform all portfolio

management, valuation

and costing of

Multifamily assets.

Establish and execute

investments, funding

and hedging policies and

transactions.

Develop and manage

Multifamily models and

analytical capabilities

Perform pricing and

securitization

functions related to

Multifamily

mortgage purchases

intended for

securitization and

new issue

securities. Manage

investor relations,

securities marketing

and relationships

with bankers

Deliver consistent and

high quality transactions

to the firm by analyzing

transaction strengths and

weaknesses and

approving the

creditworthiness of each

loan transaction.

Responsible for loan level

due diligence, credit

functions within

securitization and risk

transfer processes and

credit policies

Establish, manage

and implement

divisional strategy

and administration

activities. Manage

new business

initiatives process,

customer

communications,

marketing, training

and events

Manage Servicer relationship

and Seller/Servicer

performance reviews.

Manage ongoing risk and loss

mitigation efforts for the

Multifamily portfolio through a

risk-based approach. Manage

and implement business

transformation including

strategic planning, systems

and processes. Manage loan

funding and document

custody, loan servicing,

Seller/Servicer counterparty

risk, data management,

governance and operational

risk

Susan MudryVice President

Business

Management

Victor PaVice President

MF Investments

& Advisory

Robert KoontzVice President

MF Capital

Markets

David LeopoldVice President

Affordable Sales

& Investments

John CannonSr. Vice

President

Production &

Sales

Leanne SpiesSr. Vice

President

MF Asset Mgmt.

& Operations

Debby JenkinsSr. Vice President

Underwriting &

Credit

Bill Buskirk

Vice President

Multifamily CFO

Robert Gundry

Vice President

Enterprise

Commercial RE

Credit Risk

Jeff Markowitz

Senior Vice

President

Corporate

Communication

Vice President

Human

Resources

Melissa ChiariVice President

Information

Technology

Tim O’Neill

Vice President

Legal

David BrickmanExecutive Vice President

and Head of the

Multifamily Line of

Business

Multifamily Line of Business Partners

Freddie Mac Multifamily operates as a fully integrated line of business and has a largely

independent operating infrastructure


Multifamily Team

David M. Brickman

Executive Vice President Multifamily

David Brickman is executive vice president and leads all aspects of Freddie Mac’s Multifamily business – one of the largest

capital providers to the U.S. multifamily rental housing market. He is a member of the company’s senior operating committee

and reports directly to CEO Don Layton.

David presided over significant growth in the Multifamily business – raising annual production from $16 billion in 2010 to

$73.2 billion in 2017 and increasing the organization’s staff members from approximately 300 people in four offices to more

than 900 in a dozen locations across the country. He firmly established Freddie Mac Multifamily' s flagship K-Deal

securitization program as one of the leading securitized products in the structured finance markets.

Before becoming the head of Multifamily, David served as senior vice president and, prior to that, vice president in charge of

our Multifamily Capital Markets business area. In this position, David oversaw all functions related to Freddie Mac’s

multifamily and CMBS investment and capital markets activities. He is also the key architect behind several of Freddie Mac’s

innovative multifamily financing products, including the Capital Markets Execution and K-Deal securitization program,

Reference Bill ARM, fixed-to-float suite of products, and Performance-Based PC, for which he holds a U.S. patent.

Prior to joining Freddie Mac in 1999, David co-led the Mortgage Finance and Credit Analysis consulting group at

PricewaterhouseCoopers.

David has completed all doctoral coursework for his Ph.D. in economics and real estate at the Massachusetts Institute of

Technology. He holds a master’s degree in public policy from Harvard University and a bachelor’s degree from the University

of Pennsylvania. He has held appointments as a professorial lecturer in finance at The George Washington University and as

an adjunct professor of finance at Johns Hopkins University.


Multifamily Team (cont’d)

Debby Jenkins, Senior Vice President and National Head

of Multifamily Underwriting & Credit

Debby Jenkins manages the underwriting and credit (UW&C) approvals

for all Multifamily debt investments, and the UW&C staff at our offices

across the country. She also managed and developed the underwriting

process for multifamily loans eligible for securitization. Before joining

Freddie Mac in 2008, Debby worked at Wells Fargo and Bloomfield

Acceptance Company. She holds a B.S. in corporate finance from

Wayne State University and an M.S. in corporate finance from Walsh

College.

Leanne Spies, Senior Vice President

Multifamily Asset Management & Operations

Leanne Spies leads the team responsible for asset management and

the operations of our servicing portfolio, ensuring sound business

management and a responsive experience for customers. Her team

manages our loan purchases and funding, investor reporting and

remitting, the cash desk, records and data management, and

operational close. She also manages Seller/Servicer eligibility,

performance and audit reviews, and the Multifamily Seller/Servicer

Guide. Leanne holds a bachelor’s degree from Virginia Tech’s Pamplin

College of Business.

John Cannon, Senior Vice President

Production & Sales

John Cannon is our main voice in the origination market and defines

our Multifamily customer service culture. He leads the production and

sales team that purchases conventional multifamily mortgages,

manages our network of approved conventional lenders, shapes our

competitive position in the marketplace, and works directly with lenders

and Borrowers on deals. He holds a B.A. in international studies from

Lafayette College and an M.S. in finance from Drexel University’s

LeBow College of Business.



Alex Chang, Vice President

Multifamily Underwriting & Credit

Alex Chang oversees the Risk Distribution and Credit Team (formerly

Capital Markets Execution (CME) Underwriting) and the Multifamily

Credit Policy Team. In early 2009, he joined the CME underwriting

team, which he was instrumental in building, and helped develop the

processes and infrastructure for our K-Deal program’s asset-level due

diligence. He holds a B.A. in finance and East Asian studies from the

University of Virginia and an M.S. in finance from American University.

Lauren Garren, Vice President

Multifamily Production & Sales

Lauren Garren leads the Structured Transaction group working with

Seller/Servicers and their Borrowers to develop creative and unique

structures that meet Borrowers’ evolving needs; and Production

Operations managing the Select Sponsor program, divisionwide process

improvements, and internal and external performance goals. Lauren has

been at Freddie Mac for over 12 years. She holds a B.S. in accounting

from Virginia Tech’s Pamplin College of Business and an M.S. in

finance from American University.

Peter Giles, Vice President

Production & Sales

Peter Giles leads our teams in the Central and Western Regions that

work with approved Seller/Servicers for conventional and senior housing

loans and their Borrowers to source loans to Freddie Mac Multifamily.

He also leads a team supporting manufactured housing communities.

Peter joined Freddie Mac Multifamily in 1998, with prior experience in

the commercial mortgage banking industry working for Metmor Financial

Inc., Mellon Mortgage Company and Great Lakes Financial Group LLC.

He attended the University of Oklahoma.

Kelli Carhart, Vice President

Production & Sales

Kelli Carhart is responsible for overseeing originations in the Central

Region, and manages a production team in Chicago and in the Texas

offices of Austin, Houston and Dallas. Kelli is also actively involved in

Freddie Mac’s student housing platform, serving as Freddie Mac’s

student housing representative for the Central and Western Regions.

She holds a Bachelor of Business Administration in finance, real estate

and urban land economics from the University of Wisconsin-Madison.



Steve Guggenmos, Vice President

Research & Modeling

Steve Guggenmos leads multifamily research at Freddie Mac,

performing research related to national and market-specific multifamily

conditions. His team develops models that determine risk-based capital

allocations and the benefits of diversification and structural credit

support for multifamily mortgages. Steve holds a B.A. in economics from

the University of Nebraska-Lincoln, an M.A. in economics from

American University and an M.S. in finance from The George

Washington University.

Christine Halberstadt, Vice President

Multifamily Asset Management

Christine Halberstadt leads the Servicer & Client Management team that

handles customer relationships, Seller/Servicer Performance Reviews,

insurance, loan boarding and monitoring activities. She directs strategic

planning and initiative delivery for Multifamily. Before Freddie Mac,

Christine was with National City’s Capital Markets and Accenture. She

has an MBA and B.S. degree in business administration and economics

from Carnegie Mellon University and a master’s in real estate from

Georgetown University.

Stephen Johnson, Vice President

Small Balance Loan Business

Stephen Johnson leads the Small Balance Loan (SBL) business line by

overseeing the development and implementation of innovations to

improve the speed and flow of capital nationwide, and addressing the

rapidly evolving needs of Multifamily customers in this space. Stephen

also oversees lender relationship management, performance

management, and overall line-of-business economics. He earned a B.A.

in government from the University of Virginia.

Robert Koontz, Vice President

Multifamily Capital Markets

Robert Koontz leads the Multifamily Capital Markets team. He manages

relationships with securities investors, credit rating agencies and the

broker/dealer community. Robert helped develop new securities

structures and capital-market innovations. Before Freddie Mac, he was

a vice president at Wachovia Securities and Banc of America Securities.

Robert holds a master's degree in real estate from Georgetown

University and a B.S. in business administration – finance from the

University of South Carolina-Columbia.


David Leopold, Vice President

Affordable Housing Production

David Leopold manages all relationships, transactions and deal

negotiations for the affordable housing business involving targeted

affordable lenders, affordable borrowers and LIHTC syndicators. He is

the lead contact with housing finance agencies, municipalities and

community-based organizations in community development products,

programs and services. David is a licensed financial advisor and has

undergraduate and graduate degrees from Fordham University and the

University of Colorado, respectively.


Richard Martinez, Vice President

Production & Sales

Richard Martinez leads our teams in the Northeast and Southeast

Regions that work with approved Seller/Servicers for conventional loans

and their Borrowers to source a steady flow of high-quality loans to

Freddie Mac Multifamily. His team also manages our nationwide

program for student housing. Richard earned a Bachelor of Arts in

history from Saint Louis University and a Master of city and regional

planning from Harvard’s Kennedy School of Government.

Stephen Lansbury, Vice President

Underwriting

Steve Lansbury directs our conventional loan underwriting process,

working with approved Seller/Servicers, their Borrowers, and our

production and sales staff to source loans to Freddie Mac Multifamily.

He played an integral role in creating process efficiencies, providing new

offerings for our customers, and re-orienting the underwriting model to

produce loans for securitization, chiefly through our K-Deal program.

Lansbury earned a B.A. from the University of Virginia.

Carl McLaughlin, Vice President

Loan Servicing

Carl McLaughlin is responsible for all loan servicing operations and loan

administration. He joined Freddie Mac’s Single Family division 17 years

ago as a Mortgage Purchase Analyst. He later became an Operational

Risk Manager, where he helped manage, and eventually directed,

operational risk across various Single Family and Multifamily operational

risk types and internal organizations. Carl earned his B.S. in business

management from North Carolina Agricultural and Technical State

University.


Susan Mudry, CFA®, Vice President

Business Management

Susan Mudry leads the teams in charge of offerings management,

regulatory relations, business communications and customer marketing.

Susan and her teams facilitate the development of business strategy,

work with our regulator, coordinate how we bring new initiatives to

market, and manage our brand, websites, events and training. She has

been with Freddie Mac for over 20 years. Susan earned a B.A. in

economics from Dartmouth College and holds a Chartered Financial

Analyst designation.


Michael Patterson, Vice President

Multifamily Underwriting

Michael Patterson is a 20 plus-year veteran of Freddie Mac with

achievements across capital markets and sourcing. As the head of

specialty products underwriting, he works to strengthen relationships

with lenders and Borrowers by offering innovative credit solutions.

Michael has guided the underwriting growth for our more specialized

businesses, including Targeted Affordable Housing, Seniors Housing

and Structured Transactions. He holds a B.A. in international affairs

from The George Washington University.

Victor Pa, CFA®, Vice President

Multifamily Investments & Advisory

Victor Pa manages Freddie Mac’s more than $150 billion Multifamily

and CMBS portfolio and the securitization and securities trading

functions for multifamily mortgages and securities. He brings 20 years of

experience and has a strong background in portfolio management,

structuring of mortgage cash flows, analysis of credit and market risks,

and structured pricing. Victor holds an MBA in finance and a B.S. in

engineering, both from Virginia Tech, and the Chartered Financial

Analyst designation.

Aaron Dunn, Senior Director

Multifamily Capital Markets

Aaron Dunn manages fixed-income and real estate investors who

participate in our securitization program. In addition to K Certificates, he

leads the creation of mortgage-backed securities supporting student

housing, independent and assisted living facilities, small balance

apartments, MHCs and workforce housing. Before Freddie Mac, Aaron

was managing director of Commercial Capital Markets for Redwood

Trust. He holds a B.A. in economics from the University of Chicago and

an MBA from Northwestern University.


Multifamily Line of Business Partners

Robert Gundry, Vice President

Enterprise Commercial Real

Estate Risk Officer

Bob Gundry is responsible for risk

management oversight and

effective challenge to the

company's Multifamily Division

covering risk policy, portfolio risk,

large transaction approvals,

portfolio analytics and credit risk

transfer reporting/analytics. Bob

brings to Freddie Mac 35 years of

commercial real estate

experience in portfolio lending

and capital market executions. He

graduated from the University of

Southern California with a B.S. in

Finance and Quantitative

Methods.

Bill Buskirk, Vice President

Multifamily Segment CFO

Bill Buskirk is responsible for the

accounting, financial and

management reporting function of

Freddie Mac’s Multifamily line of

business that supports the

acquisition, refinance,

rehabilitation, and construction of

apartment communities. Bill has

been with Freddie Mac for 15

years serving in various roles

within the Finance group. He

holds a B.S. from the University of

Delaware, is a certified public

accountant and holds the

chartered financial analyst

designation.

Tim O’Neill, Vice President

Deputy General Counsel

Tim O’Neill is a vice president

and deputy general counsel in

the Legal Department of

Freddie Mac where he is

responsible for managing a

team of 27 attorneys, together

with managers, paralegals and

analysts who support the

purchase, sale and servicing of

Multifamily loans. Tim has

been at Freddie Mac for 25

years. He has a law degree

from Temple University and

completed his undergraduate

work at Haverford College.

Melissa Chiari, Vice President

Business Technology Officer & Service Delivery

Officer App Management & Testing

Melissa Chiara is responsible for partnering with

Freddie Mac’s Multifamily division to develop and

execute its long-term road map and technology

strategy. In this role, she oversees application

development, implementation and maintenance

services, and ensures continued progress in

developing a higher-performing solution delivery

organization with a primary focus on enabling

business results. With more than 20 years of IT

experience, Melissa has worked at Freddie Mac for

over 10 years. Melissa earned a B.A. from Virginia

Tech.

Jeffrey Markowitz, Senior Vice President

External Relations & Corporate Communications

In his role as SVP, Jeffrey Markowitz oversees

Congressional, State and Industry Relations, which

includes the company’s work with trade groups

representing homebuilders, realtors, lenders, and

housing advocates. He also oversees Public Relations

and Social Media, Marketing, Internal Communications,

Market Research and the company’s web presence.

He began his work at Freddie Mac in the Legal Division,

where he worked on fair lending, affordable housing, and

a variety of other legislative and regulatory issues. Jeffrey

is a graduate of the Yale Law School and holds a degree

in Business Administration from Georgetown University.


This product overview is not an offer to sell or a solicitation of an offer to buy any Freddie Mac securities. Offers for any given security are made only

through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K and certain other reports

filed with the Securities and Exchange Commission. This document contains information related to, or referenced in the offering documentation for,

certain Freddie Mac mortgage securities. This information is provided for your general information only, is current only as of its date and does not

constitute an offer to sell or a solicitation of an offer to buy securities. The information does not constitute a sufficient basis for making a decision with

respect to the purchase and sale of any security and is directed only at, and is intended for distribution to and use by, qualified persons or entities in

jurisdictions where such distribution and use is permitted and would not be contrary to law or regulation. All information regarding or relating to Freddie

Mac securities is qualified in its entirety by the relevant offering circular and any related supplements. You should review the relevant offering circular

and any related supplements before making a decision with respect to the purchase or sale of any security. In addition, before purchasing any security,

please consult your legal and financial advisors for information about and analysis of the security, its risks and its suitability as an investment in your

particular circumstances. The examples set forth above are for illustrative purposes only. Opinions contained in this document are those of Freddie Mac

currently and are subject to change without notice. Please visit mf.freddiemac.com for more information.

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